by Jim Rickards, Daily Reckoning:

Since the start of the war in Ukraine, I’ve been warning about the dangers of escalation between the U.S. and Russia. We may be about to take a serious step up the escalation ladder.

On Sunday, Ukraine launched an attack on Crimea with U.S.-supplied Army Tactical Missile System (ATACMS) missiles. The target was likely a military installation, quite possibly a Russian airbase.

It appears that five ATACMS were used in the attack. Four appear to have been shot down by the Russians. The evidence indicates a fifth missile was damaged and knocked off course.